The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1887-05-05
IN WALL STREET.
A SHOP WHOSE WAVES CONSIST
OF STOCKS.
Jay Gould Making Quist Purchase-fn-
vestors who Handle Securities ~ n Ex-
amining Dry Goods-A Curious Place In
the World Of FINANCE.
Especial Corrsspo~dsses.1

Especial CorrsspoNdsNos.1
New York, April 2S.-I followed Jay
Gould into Wall street. A great many
who try to do that same thing, financially,
are led to disaster; but my act was lit
eral, and 1t took me into curious place.
It also enabled me to discover that Gould
does not risk his all in venturesome en-
terprises, but habitually lays away por-
tion of his fortune beyond the reach Of
ordinary losses. He entered brokers'
office in the second story of building
the office of dealer in what are called
unlisted securities" or stocks which are
not speculated In at the Stock Exchange.
There is no business on margins here.
The proprietor keeps on hand an assort-
ment of stocks, and his customers, after
the manner of shopper in a dry-goods
store, look them over, cogitate over
prices, dicker awhile, and finally pur-
chase what they desire, taking away the
securities as they would so much cloth.
Jay Gould on this visit asked the dealer
If he had anything attractive. The reply
was that some street railroad shares
about hundred thousand dollars worth
were good and cheap. Gould took
them in his hands, gazed critically at
them, talked about their value, and at
length bought them-giving his check
on the spot for the amount, putting them
into his inside pocket, and departing
quietly.
II think that Mr.. Gould gets genuine
satisfaction out of these purchases for in
vestment," said the broker. II under
stand that he makes gifts of them to his
children, and at times to employees, coun-
selling them to regard them as permanent
capital He takes my word implicitly as
to the dividends of the securities that I
offer, and other matters of fact, and then
we haggle little bit over the price; but
he isn't mean at all, If he thinks he is get
ting real value. Idon't doubt that have,
within five years, sold two millions to
him, and he has probably purchased five
times as much elsewhere in securities
quite outside of speculative range. When
I find lot of stocks or bonds that can
be had cheap and for cash, Il buy them out
| LlkAby dllu WACA cOulOOOuy SOAACo 0AOA8
to take them at satisfactory advance,
then sell. Sometimes my profit is large,
and sometimes small, but it is always
something, because am never forced to
make sacrifice am like merchant
who deals in staple securities instead of
staple dry goods. have regular run
of trade, built up by twenty-four years
of attention to business, and have cap
ital enough to keep good assortment of
goods always on hand.
"Who are your customers ?" I asked.
"Well," he replied, "Thurlow Weed
was one. I have no doubt that In ten
years sold him an aggregate of half
million dollars worth Of stuff. He had
no great desire to own real estate, deem
ing 1t bOthersome to manage, whereas
ON the whole about as safe. But he was
never speculator. Whstever he bought
disappeared permanently from the
market He had fancy for street rail-
road stocks and often came here to see
what Ihad in them. He had knowledge
of the condition of the companies and
their present and probable incomes that
was remarkable, and he was q shrewd,
close buyer. He stopped dealing with
me about two years before his death, and
/ have understood that delusion to the
effect that he was in danger of becoming
poor got into his otherwise remarkably
clear head. The last time saw him here he
seemed to have suddenly lost some of his
former good judgment. He fancied that
all the horse railroads were about to be-
come bankrupt, and for the first time
during our business relations he desired
to be seller instead of buyer.
thought at first that he was joking, and
when he asked for an offer for q certain
block Of excellent stock named price
away below what he had few months
ago before paid me for 1t. He surprised
me by accepting; but he never brought
the paper nor had any further dealings
with me, and believe that the manage
ment of his business affairs was practi-
cally taken out of his hands,"
Our talk was interrupted by the en-
trance Of an old man, whose dress indi-
Gated that he had stopped forty years
ago in his effort to keep up with fashion,
and whose decrepitude was such that he
ought to have been seeking kind O..
treasure that he could lay up beyond the
reach of moth, rust and thieves. But he
was on the lookout for monetary bar
gains.
"This Is the most chronic old shopper
among my customers" said the broker.
You'll see him paw over my stock like
an old woman at the marked-dowu
counter In fancy-goods store"
As this was spoken aloud, ! looked for
hot resentment in the ancient and refined
Knickerbocker, but he had not heard q
word, and when the broker said anything
for him to understand 1t was through the
medium of an ear-trumpet. But merely
hearing about the securities did not sat-
isfy him. He must see and feel them.